Menu
29/09/2008
B&B Nationalised
The UK Treasury has confirmed the nationalisation of one of the country’s leading mortgage lenders – Bradford and Bingley.
The bank is the second large financial services firm to be taken under the wing of the government in the past year – as the global credit crisis continues to take its grip.
Weekend talks failed to find a totally private sector alternative to sustain the buy-to-let mortgage lender.
The Treasury is now set to take over Bradford and Bingley’s £50 billion mortgage portfolio – bringing it into public ownership.
Spanish banking group Santander, who also owns Abbey, will buy the bank's 200 branches and deposits – worth £20 billion.
Santander's investment is estimated at around £400m.
Chancellor Alistair Darling told the BBC: "To pretend that somehow there was some other solution, unnamed, unspecified - it seems to me to be clutching at straws. You needed to take decisive action. That's what we've done,
Bradford and Bingley specialised in mortgage lending – a banking sector worst hit by the ongoing global financial turmoil.
However, the government has stressed it should be business as usual for the bank’s customers.
Last year the government bought out Northern Rock.
The troubled bank had the same funding model as Bradford and Bingley.
The government’s decision to intervene in the latest banking dilemma was prompted by Bradford and Bingley's inability to meet funding obligations.
(PR)
The bank is the second large financial services firm to be taken under the wing of the government in the past year – as the global credit crisis continues to take its grip.
Weekend talks failed to find a totally private sector alternative to sustain the buy-to-let mortgage lender.
The Treasury is now set to take over Bradford and Bingley’s £50 billion mortgage portfolio – bringing it into public ownership.
Spanish banking group Santander, who also owns Abbey, will buy the bank's 200 branches and deposits – worth £20 billion.
Santander's investment is estimated at around £400m.
Chancellor Alistair Darling told the BBC: "To pretend that somehow there was some other solution, unnamed, unspecified - it seems to me to be clutching at straws. You needed to take decisive action. That's what we've done,
Bradford and Bingley specialised in mortgage lending – a banking sector worst hit by the ongoing global financial turmoil.
However, the government has stressed it should be business as usual for the bank’s customers.
Last year the government bought out Northern Rock.
The troubled bank had the same funding model as Bradford and Bingley.
The government’s decision to intervene in the latest banking dilemma was prompted by Bradford and Bingley's inability to meet funding obligations.
(PR)
Related UK National News Stories
Click here for the latest headlines.
10 August 2007
Couple Found Guilty Of Killing Girl
A mother and her boyfriend have been found guilty of brutally murdering a four-year-old girl. Her mother Sharon Wright, 23, and Peter Seaton, 22, were accused of killing Leticia Aalayah Wright in their home at Almondbury Bank, Huddersfield, West Yorks.
Couple Found Guilty Of Killing Girl
A mother and her boyfriend have been found guilty of brutally murdering a four-year-old girl. Her mother Sharon Wright, 23, and Peter Seaton, 22, were accused of killing Leticia Aalayah Wright in their home at Almondbury Bank, Huddersfield, West Yorks.
05 May 2011
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
07 November 2013
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
27 May 2010
Body Parts 'Match' Missing Bradford Woman
Police in West Yorkshire have confirmed that human remains found in the River Aire are those of missing Bradford woman, Suzanne Blamires. The body parts were recovered from the river in Shipley on Tuesday, after being discovered by a member of the public who then reported the find to police.
Body Parts 'Match' Missing Bradford Woman
Police in West Yorkshire have confirmed that human remains found in the River Aire are those of missing Bradford woman, Suzanne Blamires. The body parts were recovered from the river in Shipley on Tuesday, after being discovered by a member of the public who then reported the find to police.
18 March 2010
Public To Decide On Youth Punishment
Communities in Yorkshire and Humberside affected by crime are to get a say in how young people who offend are punished. 'Making Good' gives local people the chance to have their say on how young people should be held to account for their crimes and helps offenders understand the impact their actions have had on the community.
Public To Decide On Youth Punishment
Communities in Yorkshire and Humberside affected by crime are to get a say in how young people who offend are punished. 'Making Good' gives local people the chance to have their say on how young people should be held to account for their crimes and helps offenders understand the impact their actions have had on the community.
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy. Also mainly dry at first this evening but then occasional outbreaks of rain developing overnight. Light southwest winds, and staying mild. Minimum temperature 9 °C.
